FTSE 100 gets Fed and Shell lift, eyes on BoE

Shell rose 1.2% after the oil giant delivered a record $40 billion profit in 2022 and announced a new $4 billion share buyback programme over the next three months. Ad firm WPP climbed 5.2% to the top of the FTSE 100 after its French rival Publicis Groupe forecast more growth in 2023, banking on sustained investments in digital transformation.

UK's main stock indexes rose on Thursday, led by optimism after the Federal Reserve said it had turned a key corner in the fight against inflation, while all eyes turned to the Bank of England for its verdict on interest rates.

The blue-chip FTSE 100 rose 0.3% by 0806 GMT after slipping for the past two sessions, while the domestically focussed FTSE 250 index added 0.8%. Wall Street's main indexes closed sharply higher on Wednesday after Fed Chair Jerome Powell acknowledged that inflation was starting to ease in remarks he made following a quarter-point rate hike by the U.S. central bank.

The BoE is poised to raise rates for the 10th time in a row later on Thursday to keep up its fight against rampant inflation, but it could also drop a hint about when the steep climb in borrowing costs will end. Shell rose 1.2% after the oil giant delivered a record $40 billion profit in 2022 and announced a new $4 billion share buyback programme over the next three months.

Ad firm WPP climbed 5.2% to the top of the FTSE 100 after its French rival Publicis Groupe forecast more growth in 2023, banking on sustained investments in digital transformation. BT slipped 3.5% after Britain's biggest broadband and mobile operator reported a 3% dip in third-quarter adjusted revenue, just below market expectations.

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